Air T, Inc.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $78.0M | $-6.1M | $-6.8M | $-12.3M | $10.9M | $-7.3M | $7.7M | $1.3M |
| Depreciation & Amortization | $12.3M | $4.4M | $2.8M | $4.2M | $1.9M | $3.1M | $5.7M | $7.3M |
| Depreciation | $10.2M | $1.7M | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | $368.0K |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $-25.0M | $23.5M | $17.2M | $16.9M | $-33.1M | $-1.8M | $-25.1M | $20.9M |
| Investing Activities | ||||||||
| Capital Expenditures | $16.5M | $1.1M | $1.1M | $1.2M | $1.5M | $3.9M | $2.4M | $1.2M |
| Business Acquisitions | $6.7M | $0 | $0 | $2.5M | $12.8M | $536.0K | $500.0K | $3.4M |
| Net Cash from Investing Activities | $-21.8M | $-20.2M | $-2.5M | $-6.2M | $-33.4M | $2.5M | $8.6M | $-23.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $28.0K | $1.4M | $876.0K | — | — | — | — | $744.2K |
| Net Cash from Financing Activities | $65.4M | $-4.8M | $-13.9M | $-12.4M | $59.3M | $71.0K | $19.2M | $9.5M |
| Net Change in Cash | $18.5M | $-1.1M | $753.0K | $-1.3M | $-7.6M | $356.0K | $3.0M | $7.6M |
| Free Cash Flow | $-41.5M | $22.4M | $16.1M | $15.7M | $-34.6M | $-5.7M | $-27.5M | $19.8M |